Corresponding with my update posted in July, Bitcoin has seen a prolonged downtrend over the past months following a strong rally to 13k . At this moment in time we are approaching my second buy target of 7.2k, hopefully forming a key pivot and reversing at this point.
A breakdown below 7k would see the trend line we rode from 2015-2017 broken, with substantially lower targets then plausible.
For the moment, taking a small long targeting 8.8k, before adding shorts within the 8.8k - 9.2k region.
A breakdown below 7k would see the trend line we rode from 2015-2017 broken, with substantially lower targets then plausible.
For the moment, taking a small long targeting 8.8k, before adding shorts within the 8.8k - 9.2k region.
Trade closed: target reached
Long target reached and first short target hit. I had expected a further push to tag the dotted resistance line - perhaps we have one more upward push before a larger supply run. Either way I am staying short at this stage, if there is further push to to upside I shall ladder additional shorts between 8800 and 9200.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.